Hmm, a bit mixed on this one! As a preface, I'm coming at this from a place of having no knowledge of Elephant Rave 1 or other related pieces, so take that as you will.
For the most part I am rather positive on it as it is a wonderfully energetic and psychedelic experience which absolutely assaults the senses (in a good way). Despite being so short, the way the presentation fires on all cylinders really served to add a certain level of wonder and mystique to the gameplay that makes it all very memorable and addictively gripping.
However, part of me is a bit more cynical, instead seeing the game as a very 'style over substance' experience, the equivalent of jangling keys in front of a child to distract them from the rather simplistic 'dodge laser beams over and over' gameplay that is at its core.
Now, there's nothing wrong with using juice and pizazz to elevate an experience as that is a huge part of game design, and the game does take steps to elevate the difficulty as it goes on, introducing factors like a scrolling background and big lasers and so on. I'm not trying to call you lazy fraudsters or tricksters or anything like that, but the game did feel a bit short-lived and shallow.
The most important aspect that I think the game gets wrong is the difficulty curve. It starts out really strong by slowly evolving the gameplay over stages: faster and denser lasers, weird gravity mechanics, the scrolling screen and so on. But then, when it looks like it is going to introduce a brand new challenging mechanic of darkness, making it so that you can only see your elephant in-between flashes of light, suddenly the game pulls its punches by allowing you to be able to see the elephant plain as day. Why set it all up and get my hyped only to drop the ball? From there, the game retreats back to standard laser dodging, and it continues to do so with no other significant evolutions until the game just...ends. It felt like such a letdown! The game was building up slowly and getting more intense, only for it to just stall out and lose all the momentum.
Again, I think it's still a fun and memorable experience, and I very much enjoy the charm and warmth of this revisit to Newgrounds after a long absence and all that jazz, but if I have to be honest and take the game on its own merits, I really felt like it lost its momentum halfway and soured the experience slightly. If anything though, take it as a compliment that it grabbed me and made me want so much more out of it!